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Question 9 Chapter No 17 – Class 11 Unimax
Kunal commenced business on 1st April, 2019 with a capital of ₹ 3,00,000. On the same date he bought furniture which cost ₹ 60,000 and made purchases of goods worth ₹ 70,000. He kept his books on single entry basis. On 31st March, 2020 stock was valued at ₹ 1,00,000. There were book debts amounting to ₹ 45,000 of which ₹ 5,000 represented debts which were irrecoverable. Creditors amounted to ₹ 50,000 and cash balance of ₹ 1,50,000. Panwar withdrew two time from business for his private expenses, each time he withdrew ₹ 20,000 and in addition he used ₹ 25,000 wroth of goods from his shop. He took ₹ 30,000as loan from his wife on 1st October, 2019 @ 10%p.a. but had paid no interest. He gave ₹ 15,000 to his son from business, which he omitted to enter. You are required to prepare a statement showing profit or Loss in the business for the ending 31st March, 2020 from the above information.
The solution of Question 9 Chapter No 17 – Class 11 Unimax
Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount | ||
| Creditors | 50,000 | Cash | 1,50,000 | ||
| Loan from wife | 30,000 | Stock | 1,00,000 | ||
| Add. Interest outstanding | 1,500 | 31,500 | Debtors | 45,000 | |
| Capital (Balance figure) | 2,68,500 | Less: Bad debts | 5,000 | 40,000 | |
| Furniture | 60,000 | ||||
| 3,50,000 | 3,50,000 | ||||
Statement of Profit & Loss
For the year ended 31st March, 2020
| ₹ | ||
| Closing Capital as on 31st March, 2020 | 2,68,500 | |
| Add: Drawings during the year: | ||
| Drawings in cash: 20,000 x 2 | 40,000 | |
| Drawings in Goods | 25,000 | |
| Drawings in cash (to son) | 15,000 | 80,000 |
| 3,48,500 | ||
| Less: opening capital | 3,00,000 | |
| Profit for the year | 48,500 |
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter 17 – Accounts from Incomplete Records – Single Entry System Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.
Question 5 Chapter No 17 – Class 11 Unimax
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Question 17 Chapter No 17 – Class 11 Unimax
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1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy I Part 1 in Class 11. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 11 examinations.
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
2. Punjab School Education Board (PSEB) Solutions of Usha Publication.
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